Adidas agrees to Reebok sale
Sports group adidas has announced its decision to sell the Reebok brand to New York City-headquartered Authentic Brands Group (ABG) for up to €2.1 billion (or just under $2.5 billion).
ABG owns a range of brands including Juicy Couture, Forever 21 and Hervé Leger, plus the Sports Illustrated publication and the likeness rights and/or estates to well-known personalities such as Muhammad Ali, Shaquille O’Neal, Marilyn Monroe and Elvis Presley.
Adidas first revealed formal plans to divest itself of Reebok back in February. Although still subject to final approval, the deal is expected to close during the first quarter of 2022.
Founder, chairman and chief executive of ABG, Jamie Salter, commented: “It’s an honour to be entrusted with carrying Reebok’s legacy forward.
“This is an important milestone for ABG, and we are committed to preserving Reebok’s integrity, innovation and values - including its presence in bricks and mortar. We look forward to working closely with the Reebok team to build on the brand’s success.”
Adding to this, adidas’ chief executive, Kasper Rørsted, said: “Reebok has been a valued part of adidas, and we are grateful for the contributions the brand and the team behind it have made to our company. With this change in ownership, we believe the Reebok brand will be well-positioned for long-term success.”
Image: Reebok via Instagram.
